Market Size – USD 115.8 Million in 2020, Market Growth – at a CAGR of 18.1%, Market Trends – Rising Adoption of Ceramic Type EV Brake Pads
— Emerging research
VANCOUVER, BC, CANADA, June 20, 2022 /EINPresswire.com/ — The global electric vehicle (EV) brake pad market size reached USD 115.8 million in 2020 and is expected to register a CAGR of 18.1% over the forecast period, according to the latest analysis from Emergen Research. Rising adoption of ceramic-type electric vehicle brake pads is expected to continue to support market revenue growth between 2021 and 2028. Additionally, rising demand for electric vehicles is expected to drive revenue growth from global market growth in the future.
Growing demand for electric vehicles as well as for safety, improved performance and control, along with rapid urbanization are key factors driving the market revenue growth
Currently, the rapidly increasing demand for ceramic-type brake pads along with safety, performance enhancement and control are driving factors for the adoption of advanced brake pads for electric vehicles. Manufacturers in various vehicle segments, including passenger cars and commercial vehicles, are rapidly adopting ceramic-type brake pads in vehicles being produced. Ceramic-type electric vehicle brake pads are made from a variety of materials that provide a sturdy structure, helping to increase brake pad life by 30%. The unique parameters of ceramic-type brake pads contribute to faster heat dissipation and also reduce the chance of rotor warping due to excess heat in brake systems.
However, concerns over noise cancellation challenges are expected to limit the market revenue growth to some extent during the forecast period.
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Some of the key players operating in the Electric Vehicle Brake Pads Market research report are:
TRW Aftermarket Asia Pacific Pte Ltd., ATE Brakes (Continental Aftermarket & Services GmbH), Akebono brake industry co. ltd., BorgWarner Inc., Brembo SpA, Aisin Aftermarket Corporation, Bendix Corporation, Tenneco Inc., Robert Bosch GmbH and EBC Brakes USA Inc.
The segments covered in this report are:
Type Outlook (Revenue, USD Million; 2018-2028)
Propulsion Type Outlook (Revenue, USD Million; 2018-2028)
Battery Electric Vehicle (BEV)
Plug-in hybrid electric vehicle (PHEV)
Hybrid Electric Vehicle (HEV)
Vehicle Type Outlook (Revenue, USD Million; 2018-2028)
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This Electric Vehicle Brake Pad Market study also examines the cost volatility observed in both historical data collected for the period 2017-2019 and potential trends for the forecast years 2020-2028, based on optimum capacity as well as views and estimated market. estimates. This global market report also assesses data pertaining to vendors operating in the industry and buyers, providing a comprehensive database of crucial aspects of the Electric Vehicle Brake Pads industry.
The industry intelligence study on the Electric Vehicle (EV) Brake Pads market answers some of the most critical questions:
What are the main market trends?
What are the driving forces of the Electric Vehicle (EV) Brake Pads Market?
What are the barriers to market growth?
Who are the best providers in this space?
What are the threats and opportunities in the market for the major vendors?
What are the strengths or weaknesses of critical suppliers?
What are the future opportunities for Electric Vehicle (EV) Brake Pads market players?
What are the major issues facing the global Electric Vehicle (EV) Brake Pads market?
What does the competitive landscape look like?
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Some key aspects explored in this report are:
The ceramics segment is expected to account for the fastest revenue CAGR during the forecast period owing to its robust structure which enables faster heat dissipation and lighter weight which positively impacts the mileage of a electric vehicle.
The battery electric vehicle (BEV) segment is expected to register a significantly stable revenue share over the forecast period as customers are rapidly switching to battery-powered vehicles due to affordable operation and maintenance costs.
Asia-Pacific is expected to account for the largest revenue share among other regional markets in the global electric vehicle brake pads market during the forecast period. This is due to the presence of international and domestic EV brake pad suppliers such as TRW Aftermarket Asia Pacific Pte Ltd., Akebono brake industry Co. ltd. and Aisin Aftermarket Corporation, among others in the countries of the region.
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Overall, the Electric Vehicle Brake Pads Market intelligence report infers accurate market estimations using the principles of data breakdown and triangulation to assess factors such as trending inclination consumers, existing knowledge base, market assessment and verified sources. These aspects could play a crucial role in the potential growth of the global sector.
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Electric Vehicle (EV) Brake Pad Market Size Worth USD 433.5 Million in 2028
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